Provident Bancorp (NASDAQ:PVBC) Shares Cross Above 50 Day Moving Average - Here's Why

Key Points

• Provident Bancorp's stock has recently crossed above its 50-day moving average, reaching a high of $12.99 before closing at $12.91, indicating a potential upward trend.
• Analysts have lowered the price target from $13.00 to $12.50 while maintaining an "equal weight" rating, suggesting cautious sentiment around the stock's performance.
• The company reported earnings of $0.17 per share, surpassing estimates and reflecting a strong revenue performance of $15.76 million for the quarter.

Provident Bancorp, Inc. (NASDAQ:PVBC - Get Free Report) shares crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $12.52 and traded as high as $12.99. Provident Bancorp shares last traded at $12.91, with a volume of 36,455 shares.

Wall Street Analyst Weigh In

Separately, Stephens dropped their price target on Provident Bancorp from $13.00 to $12.50 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $12.50.

Provident Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.11 and a current ratio of 1.11. The business has a fifty day simple moving average of $12.59 and a 200 day simple moving average of $11.85. The stock has a market cap of $228.83 million, a price-to-earnings ratio of 20.43 and a beta of 0.34.

Provident Bancorp (NASDAQ:PVBC - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The bank reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.05. The business had revenue of $15.76 million for the quarter, compared to the consensus estimate of $15.00 million. Provident Bancorp had a return on equity of 4.56% and a net margin of 11.26%. As a group, equities analysts anticipate that Provident Bancorp, Inc. will post 0.43 EPS for the current year.

Institutional Investors Weigh In On Provident Bancorp

Hedge funds have recently modified their holdings of the company. Wells Fargo & Company MN boosted its stake in Provident Bancorp by 23.8% in the 4th quarter. Wells Fargo & Company MN now owns 9,484 shares of the bank's stock worth $108,000 after buying an additional 1,824 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Provident Bancorp by 15.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 412,215 shares of the bank's stock valued at $4,699,000 after acquiring an additional 55,174 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Provident Bancorp by 18.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,730 shares of the bank's stock worth $305,000 after acquiring an additional 4,085 shares during the period. Northern Trust Corp boosted its position in shares of Provident Bancorp by 1.2% in the fourth quarter. Northern Trust Corp now owns 128,754 shares of the bank's stock worth $1,468,000 after acquiring an additional 1,508 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Provident Bancorp in the fourth quarter worth approximately $62,000. 74.61% of the stock is owned by institutional investors and hedge funds.

About Provident Bancorp

Provident Bancorp, Inc is a Maryland corporation that was formed in 2019 to be the successor corporation to Provident Bancorp, Inc, a Massachusetts corporation, and the holding company for The Provident Bank. The Provident Bank, a subsidiary of Provident Bancorp, Inc is an innovative, commercial bank that finds solutions for its business and private clients.